Stablecoin Supply Hits Record $315B as Institutional Demand Surges
The total stablecoin supply has reached a record high of $315 billion in the first quarter of this year, according to CEX.IO data. This represents an increase of approximately $8 billion from the previous quarter and marks the slowest pace of growth since Q4 2023.
The stablecoin market captured a staggering 75% of total crypto trading volume in Q1, surpassing the previous peak set in 2022. Total stablecoin transaction volume exceeded $28 trillion during this period, outpacing major payment networks like Visa and Mastercard combined.
A notable divergence emerged between the two largest stablecoin issuers: Circle's USDC supply grew by approximately $2 billion, while Tether's USDT declined by about $3 billion. This split is attributed to a shift in how institutions and active traders are choosing between these two dominant dollar-pegged assets.